BB&T agrees to return funds to investors to settle SEC charges

WASHINGTON (Reuters) – The top U.S. securities regulator said on Tuesday that BB&T Securities has agreed to return more than $5 million to retail investors and pay a $500,000 penalty to settle charges that a firm it acquired misled clients about the cost of advisory services.

BB&T agreed to pay the amounts without admitting or denying the findings, the Securities and Exchange Commission said. The firm, Valley Forge Asset Management, allegedly lied to customers and provided inadequate disclosures about its brokerage services and prices to convince customers to choose it over less expensive options that were available externally, according to the SEC.